Marketers Keep Petrol Prices Unchanged Despite Dangote Refinery’s Rate Cut

BY CHIKA IZUORA, SAMUEL ABULUDE, KINGSLEY OKOH, ABIODUN SIVOWAKU, Lagos

Despite a downward adjustment in the gantry price of petrol by Dangote Petroleum Refinery, petroleum product marketers have continued to dispense the product to motorists and other users at the same prices as before.

The refinery announced that it has slashed the gantry price of Premium Motor Spirit (PMS) by N75 per litre, from N1, 250 to N1, 175 per litre, hopes were high that Nigerians would immediately feel the impact at the pump.

The refinery attributed the reduction to the de-escalation of geopolitical tensions in the Middle East and a significant decline in global crude oil prices.

The refinery also reduced its coastal loading price by N100,575 per metric tonne, lowering it from N1,595,790 to N1,495,215.

According to the communication, all outstanding unloaded gantry volumes will be repriced at the new rate from the effective date.

The latest adjustment is expected to trigger fresh competition across Nigeria’s downstream market, with private depot operators likely to respond with further price reductions in the coming days

With crude oil prices retreating and market sentiment improving, analysts expect further downward adjustments across petrol and diesel prices if global energy markets remain stable in the coming weeks.

In a notice issued to customers, the refinery said, “Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our Premium Motor Spirit (PMS) gantry/coastal price.”

With the new price taking effect from midnight on June 16, 2026, LEADERSHIP team conducted a market survey on the morning of June 16 to see if independent and major marketers had adjusted their pump prices.

Our correspondent, who visited three stations along the Corridors of Lagos and Ogun State Expressway corridors to assess the situation for petrol, diesel, and other products, observed a gap between the gantry promises and the retail reality.

At MRS Filling Station, Mowe, Ogun State a brand known for its alignment with Dangote’s pricing as of 3:55pm the digital display board showed petrol selling for N1, 265 per litre. This represents a modest drop from the N1,286 per litre observed in early June, confirming a partial pass-through of the refinery’s cut.

The station manager, who spoke on condition of anonymity, confirmed the downward adjustment. “We just received the new price list from the depot this morning,” he said. “The price of diesel also came down from N1, 800 to about N1, 750 per litre.” While welcome, the N21 reduction here falls far short of the N75 announced by Dangote, leaving consumers to wonder where the remaining N54 has disappeared.

Station 2: NNPC Retail Outlet, Ibafo

A few kilometers down the expressway, the NNPC Retail station presented a different picture. The price board showed Premium Motor Spirit at N1, 290 per litre. This is a slight reduction from the previous month, but it remains significantly higher than the Dangote gantry price. When queried about the N75 cut, an attendant explained that they were still selling stock purchased at the old rate. “The price has come down a little, but the N75 official gantry reduction might take a day or two to reflect here because of the stock we have currently,” the attendant stated. Diesel at this station was also pegged at N1,780 per litre, showing a modest reduction.

Motorists queuing at the station expressed frustration, with one commercial driver, Mr. Femi Adepoju, lamenting: “Every time they announce a reduction, we celebrate too early. By the time it reaches us, the fuel we bought yesterday is already gone, but they still charge us yesterday’s price.”

At the Mobil outlet in Berger, the price disparity was even more pronounced. Our correspondent observed that petrol was being sold at N1, 310 per litre. This price is stagnant compared to the rates seen before the latest announcement, leaving many motorists furious.

A motorist, Mr. Adebayo Oladipo, expressed his displeasure: “How can Dangote drop the price, but these stations are still selling for the same price? It is not fair on the common man. We hope the government or regulators are watching.” Diesel was slightly lower at N1,800 per litre, still well above the declining crude benchmarks that prompted Dangote’s move.

While the Dangote Refinery has positioned itself as the cheapest source of bulk petrol in the country, with some marketers selling at N1,240 per litre as of Monday, the trickle-down effect to consumers remains uneven. The price gap observed at the stations highlights the ongoing issues in the downstream sector, including the impact of high inventory costs. Industry analysts note that the full impact of the N75 reduction might not be immediate, as marketers who purchased products at higher prices earlier in the month are trying to protect their margins before lowering costs.

However, consumer advocacy groups are growing impatient. The Nigeria Consumer Protection Network issued a statement calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to step in and ensure that savings from the gantry price cut are promptly transferred to the end-user. “If Dangote can reduce its price, there is no justification for retailers to hold on to old rates for more than 48 hours,” said the group’s spokesperson.

The situation serves as a reminder that while gantry price reductions are a welcome development, the savings often take time to materialize at the pump due to logistics, existing inventory costs, and in some cases, deliberate price-holding by marketers. For now, Nigerian motorists are left counting their losses, watching as a N75 promise dwindles to a mere N21 reality, or in some cases, nothing at all.

A visit to two Conoil filling stations in Ikeja, found pump prices still standing at N1,290 per litre. At Ardova Petrol (AP) along Airport Access Road, the price is N1,282 per litre.

In Akute, an outskirt of Lagos State, the pump price does not reflect the reduction of PMS by Dangote refinery from N1,250 per litre to N1,175

‎Our correspondent who visited the fuel stations at Akute observed a disparity in prices.

‎At the Ardova AP station, premium motor spirit sells for N1281, while diesel sells for N1750.

‎Also at the Mobil fuel station, PMS sells for 1,290 while Diesel sells for 1820.